What is Internal audit function?
In short
The internal audit function is the part of an entity that performs assurance and consulting activities to evaluate and improve its governance, risk management and internal control.
Key takeaways
- The external auditor may use its work, or get direct assistance from internal auditors, after evaluating its objectivity, competence and systematic approach.
- Significant judgments stay with the external auditor.
- The external auditor remains solely responsible for the opinion.
Where it's tested
AUD: Group Audits & Using Others' Work — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
When evaluating whether to use the work of the client's internal audit function, the external auditor considers all of the following EXCEPT: